Financial Aid Workshop For High School Seniors and Parents

1. Financial Aid WorkshopFor High School Seniors and Parents Sponsored by: Greenville County School Counseling and Sirrine Scholarship Program With cooperation from: Clemson University Furman University Greenville Technical College University of South Carolina-Upstate

2. Sirrine Scholarship • Required Information: • Completed application • Counselor recommendation • SAR Form • Online application as of 2013 • Automatic notifications keep you up to date on what still needs to be done 2

3. Sirrine Scholarship • Online application beginning in 2013 • URL: https://sirrine.greenville.k12.sc.us 3

4. Sirrine Scholarship • Online application beginning in 2013 • URL: https://sirrine.greenville.k12.sc.us 4

5. Applications • Free Application For Federal Student Aid(FAFSA) • Used by all schools; deadlines vary • Institutional Scholarship Application • Required by some schools • CSS Profile • Required by some schools to apply for institutional aid 5

6. Financial Aid Terms • Cost of Attendance (COA) – The estimated cost of tuition, fees, room, board, books, transportation and personal expenses at each school; includes indirect costs • Expected Family Contribution (EFC) – A number generated by the FAFSA based on the family’s size, income and assets that is used to determine eligibility • Financial Need – The difference between the school’s COA and your EFC Caution: • Your EFC is not the amount you will pay. • Financial aid may not cover your financial need.

7. Financial Need • If your Expected Family Contribution (EFC) is 20,000, your need will be different at each school.

8. Sources of Financial Aid • Federal • State • School • Donors(local & national) • Military • Other Agencies

9. Types of Financial Aid • Scholarships – Merit-based aid based on academics or performance that generally requires a 3.0 GPA or higher for renewal • Grants – Need-based aid based on income/assets that generally requires a 2.0 GPA for renewal • Loans – Self-help aid that must be repaid. • Employment – Self-help aidthat is paid based on hours worked

10. Scholarships • University Scholarships • Donor Scholarships • Palmetto Fellows Scholarship* • LIFE Scholarship* • Hope Scholarship* *Students must meet SC residency requirements *Students can receive only one type of state scholarship

11. Palmetto Fellows Scholarship • $6,700 • Rank in top 6% of high school class (sophomore, junior or senior year) • Score 1200 on math/critical reading SAT (27 ACT composite) • Earn 3.5 GPA on uniform grading scale (UGS) • Student applies through guidance counselor • To retain: • Earn 30 credit hours EACH year • Earn 3.0 GPA at home institution • AP/IB classes do not count in credit hours for renewal • Students who lose the Palmetto Fellows Scholarship may still be eligible for the LIFE Scholarship

12. Palmetto Fellows ScholarshipAlternate Criteria Students who do not meet the 6% requirement may still be designated a Palmetto Fellow if they: • Score 1400 on math/critical reading SAT (32 ACT composite) and • Earn 4.0 GPA on uniform grading scale (UGS)

13. LIFE Scholarship for Four-Year Colleges • $5,000 • Two out of three: • Graduate in top 30% of high school class • Score a minimum 1100 on math/critical reading SAT (24 ACT composite) • Graduate with a minimum 3.0 GPA on uniform grading scale (UGS) • No application process; awarded by college • To retain or regain: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPA • AP/IB classes count in credit hours for renewal

14. LIFE Scholarship for Two-Year Colleges • $5,000 OR up to tuition/fees and $300 towards books • Graduate with a minimum 3.0 GPA on uniform grading scale (UGS) • No application process; awarded by college • To retain: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPA • AP/IB classes count in credit hours for renewal • Not renewable for students enrolled in certificate or diploma programs

15. Math and Science Enhancement • Applies to certain math and science majors at four-year colleges • Applies to second, third and fourth years • LIFE increases from $5,000 to $7,500 • Palmetto Fellows increases from $6,700 to $10,000 • Student must complete 14 hours of math, science or combination in the first year • AP/IB classes count towards the Enhancement requirements (but not the renewal requirements for Palmetto Fellows)

16. Hope Scholarship • $2,800 • Four-year institutions only • Graduate with a minimum 3.0 GPA on uniform grading scale (UGS) • No application process; awarded by college • Non-renewable • To gain LIFE Scholarship in second year: • Earn AVERAGE of 30 credit hours/year • Earn all-college 3.0 GPA

17. Grants • All require submission of FAFSA • Federal Pell Grant • Federal Supplemental Educational Opportunity Grant (SEOG) • South Carolina Tuition Grant (SCTG) – For private/independent schools • South Carolina State Need-Based Grant (SNBG) – For public/state schools • South Carolina Lottery Tuition Assistance Program (LTAP) – For two-year schools; not need based

18. Federal Grants Pell Grant • Projected $5,645 maximum for 2013-14 Supplemental Educational Opportunity Grant (SEOG) • Supplement to the Pell Grant • Limited funding; based on deadline • Amounts will vary by school

19. State Grants SC Tuition Grant (SCTG) • For private/independent institutions only • Eligibility based on FAFSA by June 30 • Projected maximum for 2013-14 is $2,800 • Freshman must: • Rank in top 75% of high school class OR • Score 900 SAT (math and critical reading) OR • Score 19 ACT OR • Earn 2.0 GPA on the uniform grading scale • Renewal requires completion of 24 credit hours and satisfactory academic progress

20. State Grants SC State Need-Based Grant (SNBG) • For public/state institutions only • Eligibility based on the FAFSA • FAFSA deadline will vary by school • Projected maximum for 2013-14 is $2500; award will vary by school • Renewal requires completion of 24 credit hours with minimum 2.0 GPA

21. State Grants Lottery Tuition Assistance (LTAP) • For two-year institutions only • Requires FAFSA or a FAFSA waiver, but not need-based • Currently $1,140 per term ($95 per credit hour for part time) • Must be enrolled at least half time (six hours) • Must be enrolled in a certificate, diploma, or degree program

22. Loans • Federal Direct Loan • Federal Direct PLUS Loan • Federal Perkins Loan • Private Educational Loans

23. Federal Direct Loan • Student is borrower • Maximum freshman loan is $5,500 • Can be partially subsidized • Interest rates for 2013-14 loans: • 6.8% for subsidized (no interest if in school half time) • 6.8% for unsubsidized (interest accrues during school or borrower can elect to make interest-only payments) • Student must submit FAFSA, complete Entrance Counseling and sign a Master Promissory Note • Six-month grace period before repayment

24. Federal Direct Loan

25. Federal Direct PLUS Loan • Parent is borrower • Maximum loan is up to the remaining annual cost of attendance • Interest rate for 2013-14 loans is 7.9% • Approval is based on absence of adverse credit • Can be deferred (with or without interest-only payments) • Parent must sign promissory note • FAFSA is required, but not need-based aid

26. Employment • Federal Work-Study • Requires FAFSA; based on need • Not paid in lump sum; based on hours worked • Institutional Employment • Does not require FAFSA • Depends on the workforce needs of the school • Cooperative Education • Student alternates semesters of coursework with semesters of full-time employment in a field related to major

27. Programs for Future Teachers • Programs include: • South Carolina Teacher Loan • South Carolina Teaching Fellow • Federal TEACH Grant • Awards are $2,500 to $6,000 per year • Recipients must fulfill teaching obligation • Teaching obligation may be restricted to certain locations, subjects, types of schools, and timeframe • Must be repaid with back interest if teaching obligation is not fulfilled • All programs are not offered at all colleges • Teachers may also be eligible for federal loan forgiveness

28. Sample Financial Aid Packages • Sample Financial Aid Packages (see next slide) for: • Student is an A/B student ranked in the top 20% of class • Student scored a 1200 on the math/critical reading SAT and/or a 27 on the ACT • Parents are married with an income of $50,000 • Parents have no significant assets other than their home and retirement accounts • Family has four members with one in college • Student met all deadlines • Aid packages are based on 2012-13 and are estimates only

29. Sample Financial Aid Packages

30. Completing the FAFSA • Complete online at www.fafsa.gov • Apply early and meet all deadlines • Use estimates if tax returns will not be completed soon • If parents are divorced, use parent with whom the student lives most • Step-parent must be included • If student thinks he/she can answer “yes” to a dependency status question, check with financial aid administrator • FAFSA must be completed annually

31. Completing the FAFSA • If tax returns are filed, use IRS data retrieval tool when filing the FAFSA • If FAFSA was filed using estimated income, IRS data retrieval tool can be used to make corrections later • IRS data retrieval tool is available approximately 10 days after e-filing • Not available if filing MARRIED FILING SEPARATELY • Not available if marital status has changed • Using IRS data retrieval tool will reduce chances of being selected for Verification (audit)

32. Common Mistakes to Avoid • Leaving questions blank instead of listing zeros • Listing parent’s information in student’s section • Using the incorrect Social Security Number • Using a nickname or middle name • Not using IRS data retrieval tool • Forgetting to include PIN for both student and parent when filing the first time or making corrections later • Using www.fafsa.com (requires fee)

33. Verification • One third of FAFSAs are selected for Verification by the US Department of Education. • The school may ask for federal income tax transcripts (not photocopies of IRS Form 1040) and other documents such as proof of identity, proof of child support, and proof of food stamps. • The federal income tax transcript is available from the IRS at www.irs.gov or 1-800-908-9946. • Financial aid awards cannot be finalized until Verification is complete.

34. Special Conditions • If your family encounters a financial crisis that is not reflected on the FAFSA, contact the financial aid office. • Examples of events for which financial aid administrators might use professional judgment: • Loss of job • Separation/divorce • Death of parent or spouse • Extraordinary out-of-pocket medical expenses • Financial aid administrators are not required to make (and may be prohibited from) some adjustments.

35. Timeline to College (May vary depending on school; does not apply to early decision process) • August-October Apply for admission; learn deadlines for housing, financial aid, orientation, etc.; start system for good record keeping • November Complete FREE online scholarship searches; research local scholarships • December Use NET PRICE CALCULATOR on schools’ websites • January Gather financial records; plan to complete taxes early • February Submit Free Application for Federal Student Aid (FAFSA); attend College Goal South Carolina event on February 23, 2013 for assistance • March If estimated income was used, update FAFSA after filing taxes by using the IRS data retrieval tool; respond promptly to all requests from schools (tax transcripts, etc.) • April Analyze and compare award letters • By May 1 Commit to school of choice • May Complete loan Entrance Counseling and sign Master Promissory Note at www.studentloans.gov • June Assess remaining out-of-pocket expenses; apply for PLUS or private loan if needed

36. Resources • www.studentloans.govEntrance Loan Counseling and Master Promissory Note • www.studentaid.ed.govUS Department of Education • www.che.sc.govSC scholarships and grants • www.sctuitiongrants.comSC Tuition Grant • www.cerra.orgSC Teaching Fellows • www.scstudentloan.orgSC Teacher Loan • www.fastweb.comFree scholarship search • www.finaid.orgFinancial aid tools and calculators • Your guidance counselor